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Old Today, 10:45 AM
 
Location: USA
1,109 posts, read 436,579 times
Reputation: 3065

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Quote:
Originally Posted by JOinGA View Post
Most retirees on any pension would not be able to support a family on their pension alone.....even if they worked into their 60's to earn it. In spite of the news articles we see about exorbitant public pensions being paid out, that is not the norm. The Pension Rights Center reports "In 2016, the median pension for adults over 65 who worked in the private sector was worth $9,262 a year. The median federal government pension, meanwhile, was $22,172, and for state and local government pensions, it was $17,576, according to the Pension Rights Center."
Thanks for the data points. I think we tend to read too much into those outside the norm who are receiving the six-figure pension payments and that creates class-envy and more separation from those who don't. I need to pay attention to the next article and see if the writer mentions the average or median payments for the same group of retirees who are more average or typical.

I'll on a private sector pension and mine has cost me 35 years, and counting, of work. Worth it? Yep... I wanted to leave so many times but kept my eye on the end game. Now that I'm almost there, I'm happy that I stuck it out. The pension does have some funding risk but even if benefits are impacted, we'll adjust accordingly.
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Old Today, 11:34 AM
 
Location: Coastal New Jersey
57,041 posts, read 55,331,324 times
Reputation: 67846
Quote:
Originally Posted by k7baixo View Post
Thanks for the data points. I think we tend to read too much into those outside the norm who are receiving the six-figure pension payments and that creates class-envy and more separation from those who don't. I need to pay attention to the next article and see if the writer mentions the average or median payments for the same group of retirees who are more average or typical.

I'll on a private sector pension and mine has cost me 35 years, and counting, of work. Worth it? Yep... I wanted to leave so many times but kept my eye on the end game. Now that I'm almost there, I'm happy that I stuck it out. The pension does have some funding risk but even if benefits are impacted, we'll adjust accordingly.
It does. The public transportation agency I worked for has its own police force, and the big pensions are mostly that of cops who work exhorbitant amounts of overtime in their last three years to boost their pensions bigtime. We all agree that this should not be permitted to happen, but cops get the deal in their favor because cops have the resources and ability to investigate and dig up dirt on anyone they want, and unfortunately, there are few politicians who don't have dirt to hide. Anybody in power who tries to take that away will pay a price.
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Old Today, 01:12 PM
 
Location: USA
1,109 posts, read 436,579 times
Reputation: 3065
Quote:
Originally Posted by Mightyqueen801 View Post
It does. The public transportation agency I worked for has its own police force, and the big pensions are mostly that of cops who work exhorbitant amounts of overtime in their last three years to boost their pensions bigtime. We all agree that this should not be permitted to happen, but cops get the deal in their favor because cops have the resources and ability to investigate and dig up dirt on anyone they want, and unfortunately, there are few politicians who don't have dirt to hide. Anybody in power who tries to take that away will pay a price.
Agreed. In some locations, they also cash in their sick time and that apparently counts towards their calculations for pensions. I wonder what happens when there's no more citizens willing to pay the price? I mean, Florida can only hold so many NY'ers. lol
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